Law firm Sullivan & Worcester has advised Dints International, a specialist equipment supplier for frontier markets in Africa, on a unique Vendor Managed Inventory (VMI) contract with one of West Africa’s largest gold producers.
This transaction was supported by the UK’s export credit agency, UK Export Finance (UKEF).
The Sullivan & Worcester team led by London partner Mark Norris worked closely with Dints International, Gabriel Buck of GKB Ventures, Investec Bank and UKEF to develop a highly innovative supply chain solution with embedded UKEF-backed credit terms for Dints International’s clients.
The structure jointly devised by Dints International, Sullivan & Worcester and GKB Ventures has the potential to revolutionise how equipment is supplied and financed in the mining sector. The embedded support of UKEF means that Dints is able to offer its clients an efficient supply chain solution which helps its clients to manage costs.
Mark Norris, a partner in Sullivan & Worcester’s Trade & Export Finance Group in London, who led the team advising Dints commented: “At a time when the UK is looking to increase trade with Africa, we are delighted to have worked with Dints and UKEF on this standout transaction which provides Dints’ clients with a highly innovative supply chain solution. SMEs are key to the UK’s export success. We have shown that with UKEF support, a forward thinking client, innovative advisers and supportive bankers – all of whom are able to think “outside of the box” – market-leading ideas can be creatively translated into export success.”
Geoff de Mowbray CEO, Dints International added: “Working with Mark Norris of Sullivan & Worcester and Gabriel Buck of GKB Ventures we were able to develop a ground-breaking approach to providing supply chain solutions with embedded support from UKEF. The VMI contract that we have developed is unique and provides real, market leading, efficiencies for our clients.”